Page 37 - Marine Insurance IC67 EBOOK
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The Insurance Times
Date: 30-6-2011 empaneled at RO level may be forwarded to head
office immediately for our records. The name of
Recovery against the carriers /bailees - the officer in-charge of Marine may also be
Marine cargo Claims intimated to us.
Claim recoveries from carriers, bailees and other ------------------------------------------------------------------------
third parties plays an important role in reducing Underwriting guidelines for acceptance of
our Company's loss experience in marine portfolio. marine Hull Insurance
Therefore it is imperative that the marine
Underwritters pursue the recovery from the Date: 03.08.2011
carriers/ bailees/ third parties who can be held
responsible for the loss covered by the policy. After de-tariffing of Hull insurance it has been
decided at head office that we shall continue to
No doubt, other statute like the Carriers Act / follow erstwhile tariff for charging premium and
customs Act/major port Trust Act/Railway Act/ coverage and allow suitable discount on the rates
Carrier by Air Act, etc. plays a major role which so arrived at for better features of the risk namely,
govern the liabilities of the carriers /bailees etc. experience of the fleet/client, age of the vessel,
condition of the vessel etc. The same had been
After lodging the claim within the statutory time circulated vide our earlier circular No. HO/MC/CIR/
limit (as attached), the recovery follow up should 002/2007 dated 8.7.2007.
be pursued through recovery agents. If the
outcome is not fruitful, after getting the opinion Accordingly, HO had authorized Regional
from the standing council, the suit has to be filed Incharges to accept the risk on the following
within the stipulated time. guidelines.
To streamline the process, the Regional offices Inland vessels/ Dredegers/ Fishing Vessels/
are advised to follow the guidelines given below. sailing vessels
1. All the machine cargo recoveries have to be n RO can underwrite upto Rs.1crore sum
centralized at regional office. insured charging premium as per the erstwhile
2. The recovery agents have to be empaneled at tariff.
n If the regional incharge is fully satisfied that
Regional office. the risk under reference need to be
3. A recovery register has to be maintained at considered for allowing discount, the same
may be allowed not exceeding 50% on the
RO with the following minimum information. erstwhile tariff rate however, the claim ratio
a Claim No should not exceed 70%.
b Date of Loss n If the Regional incharge opines that the risk
c Date of claim settlement warrant for discount more than 50%, the same
d Claim settled for: Rs may be referred to HO with complete papers
e Recovery to be made with including premium computation along with
f Name of Recovery Agent their recommendations justifying for higher
g Time limit for filing suit discounts.
h Suit No.
i Name of the advocate handling the case Ocean going vessels /Builders risk/ Ship
j Amount Recovered repairers/characters liability policies.
n All ocean going vessels /BRI/SRL/CL
You are requested to comply with the above
procedure. The name of the recovery agents
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